Kvartalsrapport Q3 2024

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===== SIDA 1 =====

Kvartalsrapport 
     juli - september 2024 
 
        Stockholm, Sverige, 18 oktober, 2024  
        (NYSE: ALV och SSE: ALIV.sdb)

===== SIDA 2 =====

Kvartalsrapport juli - september 2024 
 
1 
Kv3 2024:Försäljningen överträffade fordonsproduktionen markant 
 
Finansiell sammanfattning Kv3 
$2 555 miljoner försäljning 
1,6% försäljningsminskning 
0,8% organisk försäljningsminskning* 
8,9% rörelsemarginal 
9,3% justerad rörelsemarginal* 
$1,74 vinst/aktie efter utspädning, 11% ökning 
$1,84 justerad vinst/aktie efter utspädning*, 11% ökning 
 Utsikter för helåret 2024 
Cirka 1% organisk försäljningsökning 
Cirka 1% negativ valutaeffekt på försäljningen 
Cirka 9,5-10,0% justerad rörelsemarginal 
Cirka $1,1 miljard operativt kassaflöde 
 
 
Alla förändringstal i denna rapport jämför med motsvarande period året innan, om inte annat anges.  
 
Viktiga händelser i verksamheten under det tredje kvartalet 2024 
 Tredje kvartalets försäljning minskade organiskt* med 0,8%, vilket var 4 procentenheter bättre än den globala fordonsproduktionen 
som minskade med 4,8% (S&P Global Okt 2024). Vi växte snabbare än fordonsproduktionen i Europa och i Asien exkl. Kina, främst 
pga en hög nivå av produktlanseringar och positiv prissättning. Vår försäljning till inhemska kinesiska fordonstillverkare växte med 
18%, vilket är dubbelt så mycket som de 8.5% som deras bilproduktion växte med. Trots detta underpresterade vi i Kina, pga en 
kraftigt negativ fordonsmix som en konsekvens av att modeller med lägre säkerhetsinnehåll växte starkt medan modeller med högre 
säkerhetsinnehåll minskade. 
 Lönsamheten var oförändrad trots en mindre försäljningsminskning. Detta främst pga framgångsrikt genomförande av 
kostnadsreduceringar och kostnadsskompensation från våra kunder och trots inflationsrelaterade kostnadsökningar samt en 14 MUSD 
kostnad relaterad till en leverantörsuppgörelse. Både direkt och indirekt antal anställda fortsatte att minska. Rörelseresultatet var 226 
MUSD och rörelsemarginalen var 8,9%. Justerat rörelseresultat* var 237 MUSD och justerad rörelsermarginal* var 9,3%. Avkastning 
på sysselsatt kapital var 22,9% och justerad avkastning på sysselsatt kapital* var 23,9%. 
 Operativt kassaflöde var 177 MUSD, som förväntat, och vi är på rätt spår mot $1,1 miljarder för 2024. Fritt kassaflöde* var 32 MUSD 
jämfört med 50 MUSD förra året. Med 1,4x är skuldsättningsgraden* fortsatt inom målintervallet. I kvartalet betalades en utdelning på 
0,68 USD per aktie, och 1,33 miljoner aktier återköptes och makulerades. 
*För ej U.S. GAAP, se jämförelsetabell. 
 Nyckeltal 
MUSD, förutom aktiedata Kv3 2024 Kv3 2023 Förändring 9M 2024 9M 2023 Förändring 
Försäljning $2 555 $2 596 -1,6% $7 774 $7 724 0,7% 
Rörelseresultat 226 232 -2,4% 626 453 38% 
Justerat rörelseresultat1) 237 243 -2,3% 657 586 12% 
Rörelsemarginal 8,9% 8,9% -0,1 8,1% 5,9% 2,2 
Justerad rörelsemarginal1) 9,3% 9,4% -0,1 8,5% 7,6% 0,9 
Vinst/aktie efter utspädning 1,74 1,57 11% 4,98 3,04 64% 
Justerad vinst/aktie efter utspädning1) 1,84 1,66 11% 5,30 4,48 18% 
Operativt kassaflöde 177 202 -12% 639 535 19% 
Avkastning på sysselsatt kapital2) 22,9% 24,2% -1,3 21,2% 15,6% 5,6 
Justerad avkastning på sysselsatt kapital1,2) 23,9% 24,5% -0,7 22,1% 19,8% 2,3 
1) Exklusive effekter från kapacitetsanpassningar, kartellrelaterade ärenden och för helår 2023 Andrewsförlikningen. Ej U.S. GAAP, se jämförelsetabell. 2) Annualiserat 
rörelseresultat och vinstandelar i minoritetsbolag i förhållande till genomsnittligt sysselsatt kapital.  
 
 
Kommentar från Mikael Bratt, VD & koncernchef   
 
Fordonsproduktionen var svag i det tredje 
kvartalet, med en minskning på nära 5% 
globalt. Detta pga en kombination av 
lagerminskningar, främst i Amerika, och en 
hög jämförelsebas, framför allt i Kina. I 
denna tuffa miljö lyckades Autoliv växa 4 
procentenheter snabbare än fordons-
produktionen, vilket möjliggjorde en 
Baserat på försäljningstrender och orderingång de senaste åren, 
förväntar vi oss fortsatta marknadsandelsökningar med de inhemska 
kinesiska biltillverkarna de kommande åren. 
Förhandlingarna om inflationskompensation med våra kunder har 
utvecklats i linje med våra förväntningar och endast några få 
förhandlingar återstår att slutföra.  
Med det säsongsmässigt starka fjärde kvartalet kvar av året, kan vi 
bekräfta vår indikation om cirka 9,5-10,0% justerad rörelsemarginal 
för 2024. Vi förväntar oss att vara på den låga änden av detta 
intervall, eftersom vi nu förväntar oss en organisk tillväxt för helåret 
2024 på 1% i stället för som tidigare förväntat 2%. Detta pga den 
ofördelaktiga utvecklingen av marknadsmixen. 
Vårt operativa kassaflöde är på rätt spår mot helårsindikationen om 
1,1 miljarder USD och vår balansräkning är fortsatt stark, med en 
skuldsättningskvot på 1,4x. Detta stärker vårt fortsatta fokus på en 
hög akteiägaravkastning och på våra finansiella mål. 
 
 
nära oförändrad försäljning och rörelseresultat. Detta trots en 
14 MUSD kostnad relaterad till en leverantörsuppgörelse. Vi 
kunde uppnå dessa resultat främst tack vare vår 
kostnadskontroll, inklusive en fortsatt minskning av antalet 
tjänstemän. Genom att accelerera våra effektiviseringsåtgärder 
minskade den produktionsrelaterade arbetsstyrkan med 3 100 
jämfört med ett år tidigare, vilket är en minskning med 6%.  
Jag är nöjd med att vi växte snabbare än fordonsproduktionen 
globalt, vilket främst var ett resultat av att vi växte klart 
snabbare än fordonsproduktionen i Europa och i Asien exkl. 
Kina. I Kina växte vi mindre än fordonsproduktionen pga en 
kraftigt negativ marknadsmix, men vi fortsatte att stärka vår 
position med de kinesiska fordonstillverkarna.

===== SIDA 3 =====

Kvartalsrapport juli - september 2024 
 
2 
Full year 2024 guidance 
Our 2024 guidance is mainly based on our customer call-offs, a full year 2024 global LVP decline of around 3% and the 
achievement of our targeted cost compensation effects. 
 Full Year Indication  Full Year Indication 
Organic sales growth Around 1% Tax rate2) Around 28% 
FX impact on net sales Around 1% negative Operating cash flow3) Around $1.1 billion 
Adjusted operating margin1) Around 9.5-10.0% Capex, net, of sales Around 5.5% 
1) Excluding effects from capacity alignments, antitrust related matters and other discrete items. 2) Excluding unusual tax i tems. 3) Excluding unusual items. 
 
The forward-looking non-U.S. GAAP financial measures above are provided on a non-U.S. GAAP basis. Autoliv has not 
provided a U.S. GAAP reconciliation of these measures because items that impact these measures, such as costs and gains 
related to capacity alignments and antitrust matters, cannot be reasonably predicted or determined. As a result, such 
reconciliation is not available without unreasonable efforts and Autoliv is unable to determine the probable significance of the 
unavailable information. 
Conference call and webcast 
The earnings conference call will be held at 2:00 p.m. CET today, October 18, 2024. Information regarding how to participate 
is available on www.autoliv.com. The presentation slides for the conference call will be available on our website shortly after 
the publication of this financial report.

===== SIDA 4 =====

Kvartalsrapport juli - september 2024 
 
3 
Business and market condition update 
Supply Chain 
In the third quarter, global light vehicle production declined by 4.8% year-over-year (according to S&P Global Oct 2024). 
Call-off volatility was unchanged compared to a year earlier but improved slightly compared to the second quarter 2024, 
and it remains at higher than pre-pandemic levels. Low customer demand visibility and changes to customer call-offs with 
short notice had a negative impact on our production efficiency and profitability in the quarter. We expect call -off volatility 
in 2024 on average to be slightly lower than it was in 2023 but still remain higher than the pre-pandemic level.  
Inflation 
In the third quarter, cost pressure from labor and other items had a negative impact on our profitability, although most of 
the inflationary cost pressure was offset by price increases and other customer compensations in the quarter. Raw 
material price changes had a negligible impact on our profitability during the third quarter. We continue to expect raw 
material prices in 2024 to increase slightly for the full year. We expect continued cost pressure from inflation relating 
mainly to labor, especially in Europe and the Americas. We continue to execute on productivity and cost reduction 
activities to offset these cost pressures, and have successfully received inflation compensation from almost all of our 
customers, with only a few negotiations still outstanding.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This report includes content supplied by S&P Global; Copyright © Light Vehicle Production Forecast, January, July and October 2024. All rights reserved.

===== SIDA 5 =====

Kvartalsrapport juli - september 2024 
 
4 
Key Performance Trends 
 
Net Sales Development by region Operating and adjusted operating income and margins 
  
 
 
 
Capex and D&A Operating Cash Flow 
  
  
 
Return on Capital Employed Cash Conversion* 
  
  
 
Key definitions   ------------------------------------------------------------------------------------------------------------ 
 
Adj. operating income and margin*: Operating income adjusted for 
capacity alignments, antitrust related matters and for FY 2023 the 
Andrews litigation settlement. Capacity alignments include non-
recurring costs related to our structural efficiency and business 
cycle management programs. 
Capex, net: Capital Expenditure, net.  
 
 D&A: Depreciation and Amortization. 
Cash conversion*: Free cash flow defined as operating cash flow 
less capital expenditure, net.

===== SIDA 6 =====

Kvartalsrapport juli - september 2024 
 
5 
Consolidated sales development 
Third quarter 2024 
Consolidated sales  Third quarter Reported change Currency Organic 
(Dollars in millions)  2024 2023 (U.S. GAAP) effects1) change* 
Airbags, Steering Wheels and Other2)  $1,736 $1,761 (1.4)% (0.7)% (0.7)% 
Seatbelt Products and Other2)  819 835 (2.0)% (1.0)% (1.0)% 
Total  $2,555 $2,596 (1.6)% (0.8)% (0.8)% 
       
Americas  $851 $918 (7.2)% (3.5)% (3.8)% 
Europe  700 646 8.4% 2.2% 6.3% 
China  495 538 (8.1)% 1.3% (9.3)% 
Asia excl. China  508 495 2.7% (2.1)% 4.8% 
Total  $2,555 $2,596 (1.6)% (0.8)% (0.8)% 
1) Effects from currency translations. 2) Including Corporate sales.  
 
Sales by product – Airbags, Steering Wheels and 
Other 
Sales declined organically* by 0.7% in the quarter. The 
largest contributor to the decrease was passenger airbags, 
inflatable curtains, knee airbags and driver airbags, partly 
offset by growth in steering wheels, inflators and center 
airbags.  
 Sales by product - Seatbelt Products and Other 
 
Sales for Seatbelt Products and Other declined organically* 
by 1.0% in the quarter. Sales declined organically in China, 
while it increased in Asia excluding China and the Americas 
with Europe being virtually unchanged. 
 
 
 
Sales by region 
Our global organic sales* decreased by 0.8% compared to 
the global LVP decrease of 4.8% (according to S&P Global, 
October 2024). The outperformance was mainly driven by 
new product launches and higher prices, partly offset by 
negative customer and model mix. Our organic sales growth 
outperformed LVP growth by 12pp in Europe and by 10pp in 
Asia excluding China while we underperformed by 0.6pp  
  
 
in the Americas and by 6.4pp in China. LVP growth in China 
was heavily tilted to domestic OEMs with typically lower 
safety content. LVP for global OEMs declined by 15% while 
it increased by 8.5% for domestic OEMs. Autoliv's sales to 
domestic OEMs increased by 18% in the quarter following a 
strong order intake with domestic OEMs in recent years. In 
India, we grew organically by around 17%, while LVP was 
close to unchanged. 
 
Q3 2024 organic growth* Americas Europe China Asia excl. China Global 
Autoliv (3.8)% 6.3% (9.3)% 4.8% (0.8)% 
Main growth drivers GM, Renault, VW Mercedes, Renault, 
Ford Geely, Chery, BMW Hyundai, Suzuki, Tata Geely, Mercedes, 
Renault 
Main decline drivers Stellantis, EV OEM, 
Nissan Stellantis, Volvo, Fisker Lixiang Auto, VW, 
Honda Nissan, Mazda Stellantis, EV OEM, GM 
 
Light vehicle production development 
Change compared to the same period last year according to S&P Global 
Q3 2024 Americas Europe China Asia excl. China Global 
LVP (Oct 2024) (3.2)% (6.1)% (2.9)% (5.3)% (4.8)% 
LVP (Jul 2024) (2.5)% (5.4)% (7.0)% (3.3)% (5.5)%

===== SIDA 7 =====

Kvartalsrapport juli - september 2024 
 
6 
Consolidated sales development 
First nine months 2024 
Consolidated sales  First 9 months Reported change Currency Organic 
(Dollars in millions)  2024 2023 (U.S. GAAP) effects1) change* 
Airbags, Steering Wheels and Other2)  $5,264 $5,191 1.4% (1.0)% 2.4% 
Seatbelt Products and Other2)  2,511 2,533 (0.9)% (1.2)% 0.3% 
Total  $7,774 $7,724 0.7% (1.1)% 1.7% 
       
Americas  $2,637 $2,665 (1.0)% (0.2)% (0.8)% 
Europe  2,231 2,122 5.2% 1.4% 3.7% 
China  1,423 1,488 (4.4)% (2.0)% (2.3)% 
Asia excl. China  1,483 1,449 2.3% (5.3)% 7.7% 
Total  $7,774 $7,724 0.7% (1.1)% 1.7% 
1) Effects from currency translations. 2) Including Corporate sales.  
 
Sales by product – Airbags, Steering Wheels and 
Other 
Sales grew organically* by 2.4% in the period. The largest 
contributor to the increase was steering wheels, followed by 
center airbags, inflatable curtains, side airbags and inflators, 
partly offset by decreases for passenger airbags and knee 
airbags. 
 Sales by product - Seatbelt Products and Other 
 
Sales for Seatbelt Products and Other grew organically* by 
0.3% in the period. Sales increased organically in Asia 
excluding China, the Americas and Europe while it declined 
in China.  
 
 
 
 
Sales by region 
Our global organic sales* increased by 1.7% compared to 
the global LVP decrease of 1.8% (according to S&P Global, 
October 2024). The 3.5pp outperformance was mainly driven 
by new product launches and higher prices, partly offset by 
negative customer and model mix. 
  
 
Our organic sales growth outperformed LVP growth by 12pp 
in Asia excluding China, by 7.3pp in Europe and by 0.8pp in 
the Americas, while it underperformed by 4.6pp in China. 
LVP growth in China was tilted to domestic OEMs with 
typically lower safety content. Domestic OEM LVP in China 
grew by 15% while LVP declined by 10% for global OEMs in 
the first nine months. 
 
9M 2024 organic growth* Americas Europe China Asia excl. China Global 
Autoliv (0.8)% 3.7% (2.3)% 7.7% 1.7% 
Main growth drivers VW, Toyota, Hyundai Mercedes, Renault, 
BMW Geely, BMW, Chery Hyundai, Tata, Suzuki Mercedes, Hyundai, 
Geely 
Main decline drivers Stellantis, EV OEM, 
Nissan Stellantis, VW, Volvo EV OEM, Honda, GM Nissan, Renault Stellantis, EV OEM, GM 
 
Light vehicle production development 
First 9 months 2024 Americas Europe China Asia excl. China Global 
LVP (Oct 2024) (1.6)% (3.6)% 2.3% (4.8)% (1.8)% 
LVP (Jan 2024) 0.8% (1.8)% 1.4% (1.6)% (0.4)%

===== SIDA 8 =====

Kvartalsrapport juli - september 2024 
 
7 
Key launches in the third quarter 2024 
 
  Nio Onvo L60                     
 
   BMX X3                            
 
   Zeekr 7X                                            
 
 
  
 
 
 
 
              
 
        
 
             
 
      
   Nissan Patrol & Armada                 
 
   Alfa Romeo Junior            
 
    Audi A6 e-tron                   
 
 
 
  
 
  
 
 
 
                                       
 
          
 
          
 
      
  Changan Avatr 15                       
 
   Audi A5                             
 
   Tata Curvv                               
 
 
 
  
 
 
 
 
                                     
      
   Ford Capri                                Chery Luxeed R7                  Mahindra Thar (ROXX)  
  
 
 
 
  
                                 
      
 
  Driver/Passenger Airbags  Seatbelts  Side Airbags 
  Head/Inflatable Curtain Airbags  Steering Wheel  Knee Airbag 
 
 Front Center Airbag  Bag-in-Belt  Pyrotechnical Safety Switch 
 
 Pedestrian Airbag  Hood Lifter  Available as EV/PHEV

===== SIDA 9 =====

Kvartalsrapport juli - september 2024 
 
8 
Financial development  
Selected Income Statement items 
Condensed income statement Third quarter  First 9 months 
(Dollars in millions, except per share data) 2024 2023 Change  2024 2023 Change 
Net sales $2,555 $2,596 (1.6)%  $7,774 $7,724 0.7% 
Cost of sales (2,095) (2,131) (1.7)%  (6,398) (6,432) (0.5)% 
Gross profit 459 465 (1.3)%  1,377 1,291 6.6% 
S,G&A (129) (119) 8.4%  (399) (380) 4.9% 
R,D&E, net (96) (107) (10)%  (325) (343) (5.5)% 
Other income (expense), net (9) (8) 11%  (27) (115) (76)% 
Operating income 226 232 (2.4)%  626 453 38% 
Adjusted operating income1) 237 243 (2.3)%  657 586 12% 
Financial and non-operating items, net (29) (30) (3.7)%  (73) (60) 21% 
Income before taxes 197 201 (2.2)%  554 393 41% 
Income taxes (58) (67) (13)%  (149) (131) 14% 
Net income $139 $134 3.4%  $404 $262 55% 
        
Earnings per share - diluted3) $1.74 $1.57 11%  $4.98 $3.04 64% 
Adjusted earnings per share - diluted1,3) $1.84 $1.66 11%  $5.30 $4.48 18% 
        
Gross margin 18.0% 17.9% 0.1pp  17.7% 16.7% 1.0pp 
S,G&A, in relation to sales (5.0)% (4.6)% (0.5)pp  (5.1)% (4.9)% (0.2)pp 
R,D&E, net in relation to sales (3.7)% (4.1)% 0.4pp  (4.2)% (4.4)% 0.3pp 
Operating margin 8.9% 8.9% (0.1)pp  8.1% 5.9% 2.2pp 
Adjusted operating margin1) 9.3% 9.4% (0.1)pp  8.5% 7.6% 0.9pp 
Tax Rate 29.6% 33.4% (3.8)pp  27.0% 33.4% (6.4)pp 
        
Other data        
No. of shares at period-end in millions3) 78.8 84.1 (6.4)%  78.8 84.1 (6.4)% 
Weighted average no. of shares in millions3) 79.2 84.9 (6.6)%  80.7 85.5 (5.6)% 
Weighted average no. of shares in millions, 
diluted3) 
79.3 85.0 (6.7)%  80.9 85.7 (5.6)% 
1) Non-U.S. GAAP measure, excluding effects from capacity alignments, antitrust related matters and for FY 2023 the Andrews litigati on settlement. See reconciliation table. 2) 
Assuming dilution when applicable and net of treasury shares. 3) Net of treasury shares.  
 
Third quarter 2024 development 
Gross profit decreased by $6 million, and the gross margin 
increased by 0.1pp compared to the same quarter 2023. The 
gross profit decrease was primarily driven by a $14 million 
cost increase in direct material related to a settlement and to 
a lesser extent the lower net sales. This was partly offset by 
lower costs for mainly premium freight and labor, partly due to 
improved customer call-off accuracy. 
S,G&A costs increased by $10 million compared to the prior 
year, mainly due to higher costs for personnel due to wage 
inflation while headcount was unchanged. Costs for 
digitalization, IT projects and licenses also increased, 
impacted by inflation. S,G&A costs in relation to sales 
increased from 4.6% to 5.0%. 
R,D&E, net costs decreased by $11 million compared to the 
prior year, mainly due to $6 million in higher engineering 
income. The decrease was also supported to a smaller extent 
from several items, mainly positive FX translation effects, 
lower personnel costs and lower costs for samples and 
prototypes. R,D&E, net, in relation to sales decreased from 
4.1% to 3.7%. 
Other income (expense), net was close to unchanged at 
negative $9 million, compared to negative $8 million in the 
same period last year. 
  
Operating income decreased by $6 million compared to the 
same period in 2023, due to the lower gross profit, higher 
S,G&A costs and other income (expenses) partly offset by 
lower costs for R,D&E, net, as outlined above. 
Adjusted operating income* decreased by $6 million 
compared to the prior year, due to the lower gross profit, 
higher S,G&A costs and other income (expenses) partly 
offset by lower costs for R,D&E, net, as outlined above. 
Financial and non-operating items, net, was negative $29 
million compared to negative $30 million a year earlier. 
Income before taxes decreased by $4 million compared to 
the prior year, mainly due to the lower operating income. 
Tax rate was 29.6% compared to 33.4% in the same period 
last year. The lower tax rate was impacted by a favorable 
country mix compared to the same quarter last year. 
Discrete tax items, net, decreased the tax rate this quarter 
by 1.2pp. Discrete tax items, net, increased the tax rate by 
0.2pp in the same period last year. 
Earnings per share, diluted increased by $0.17 compared 
to a year earlier. The main drivers were $0.12 from lower 
number of shares and $0.10 from lower taxes, partly offset 
by $0.05 from lower operating income.

===== SIDA 10 =====

Kvartalsrapport juli - september 2024 
 
9 
First nine months 2024 development 
Gross profit increased by $85 million, and the gross margin 
increased by 1.0pp compared to the same period in 2023. 
More than half of the improvement in gross profit was driven 
by the increase in net sales, but lower costs for labor and 
premium freight also contributed to the improvement following 
more stable customer call-offs and headcount reductions. 
S,G&A costs increased by $18 million compared to the prior 
year. The main reason for the cost increase was higher costs 
for personnel, due to the high wage inflation. S,G&A costs in 
relation to sales increased from 4.9% to 5.1%. 
R,D&E, net costs decreased by $19 million compared to the 
prior year. Higher engineering income explain almost the 
entire improvement. R,D&E, net, in relation to sales 
decreased from 4.4% to 4.2%. 
Other income (expense), net was negative $27 million 
compared to negative $115 million in the same period last 
year, almost entirely due to lower capacity alignment accruals 
compared to the same period previous year. 
Operating income increased by $173 million compared to 
the same period in 2023, mainly due to the increase in gross 
profit, and lower capacity alignment accruals, as outlined 
above. 
 
 
 
  
Adjusted operating income* increased by $71 million 
compared to the prior year, mainly due to higher gross profit 
and lower R,D&E, net partly offset by higher costs for 
S,G&A, as outlined above. 
Financial and non-operating items, net, was negative $73 
million compared to negative $60 million a year earlier. The 
change was mainly due to increased interest expense as the 
result of higher debt and higher interest rates. 
Income before taxes increased by $161 million compared 
to the prior year, mainly due to the increase in operating 
income and financial and non-operating items, net, as 
outlined above. 
Tax rate was 27.0% compared to 33.4% in the same period 
last year. The lower tax rate was impacted by favorable 
country mix compared to the prior year. Discrete tax items, 
net, decreased the tax rate this period by 2.8pp. Discrete tax 
items, net, decreased the tax rate by 0.6pp in the same 
period last year.  
Earnings per share, diluted increased by $1.94 compared 
to a year earlier. The main drivers were $1.67 from higher 
operating income, $0.29 from lower number of shares and 
$0.09 from taxes partly offset by $0.11 from higher financial 
and non-operating items, net.

===== SIDA 11 =====

Kvartalsrapport juli - september 2024 
 
10 
Selected Cash Flow and Balance Sheet items 
 
Selected Cash Flow items Third quarter First 9 months 
(Dollars in millions) 2024 2023 Change 2024 2023 Change 
Net income $139 $134 3.4% $404 $262 55% 
Changes in operating working capital (68) (36) 88% (54) (8) 593% 
Depreciation and amortization 97 95 1.8% 289 281 2.7% 
Other, net 10 9 14% 1 1 6% 
Operating cash flow 177 202 (12)% 639 535 19% 
Capital expenditure, net (145) (151) (4.1)% (431) (419) 3% 
Free cash flow1) $32 $50 (36)% $208 $117 79% 
Cash conversion2) 23% 37% (14)pp 52% 45% 7pp 
Shareholder returns       
- Dividends paid (54) (56) (3.8)% (164) (169) (2.8)% 
- Share repurchases (130) (120) 8.2% (450) (202) 123% 
Cash dividend paid per share $(0.68) $(0.66) 2.7% $(2.04) $(1.98) 2.7% 
Capital expenditures, net in relation to sales 5.7% 5.8% (0.1)pp 5.5% 5.4% 0.1pp 
1) Operating cash flow less Capital expenditure, net. Non -U.S. GAAP measure. See enclosed reconciliation table. 2) Free cash flow relative to Net income. Non -U.S. GAAP 
measure. See reconciliation table. 
 
Selected Balance Sheet items Third quarter 
(Dollars in millions) 2024 2023 Change 
Trade working capital1) $1,307 $1,303 0.3% 
Trade working capital in relation to sales2) 12.8% 12.5% 0.2pp 
- Receivables outstanding in relation to sales3) 21.5% 21.0% 0.5pp 
- Inventory outstanding in relation to sales4) 9.8% 9.5% 0.3pp 
- Payables outstanding in relation to sales5) 18.4% 17.9% 0.5pp 
Cash & cash equivalents 415 475 (13)% 
Gross Debt6) 2,210 1,867 18% 
Net Debt7) 1,787 1,375 30% 
Capital employed8) 4,085 3,861 5.8% 
Return on capital employed9) 22.9% 24.2% (1.3)pp 
Total equity 2,298 2,486 (7.6)% 
Return on total equity10) 24.1% 21.3% 2.8pp 
Leverage ratio11) 1.4 1.3 0.1pp 
1) Outstanding receivables and outstanding inventory less outstanding payables. 2) Outstanding receivables and outstanding in ventory less outstanding payables relative to 
annualized quarterly sales. Non-U.S. GAAP measure, see reconciliation table. 3) Outstanding receivables relative to annualized quarterly sales. 4) Outstandin g inventory relative 
to annualized quarterly sales. 5) Outstanding payables relative to  annualized quarterly sales. 6) Short- and long-term interest-bearing debt. 7) Short- and long-term debt less cash 
and cash equivalents and debt-related derivatives. Non-U.S. GAAP measure. See reconciliation table. 8) Total equity and net debt. 9) Annualiz ed operating income and income 
from equity method investments, relative to average capital employed. 10) Annualized net income relative to average total equ ity. 11) Net debt adjusted for pension liabilities in 
relation to EBITDA. Non-U.S. GAAP measure. See reconciliation table. 
 
Third quarter 2024 development 
Changes in operating working capital impacted operating 
cash flow by $68 million negative compared to an impact of  
$36 million negative in the same period the prior year. 
Almost all of the $68 million impact in the quarter came from 
increases in inventories due to high customer call off 
volatility at the end of the quarter and higher receivables, 
mainly as a result of seasonally higher sales in September. 
Other, net was $10 million positive compared to $9 million 
positive in the same period the prior year. 
Operating cash flow decreased by $25 million to $177 
million compared to the same period last year, mainly due to 
that operating working capital increased by $34 million more 
than it increased the same period last year, as outlined 
above. 
 
  
Capital expenditure, net decreased by $6 million compared 
to the same period the previous year. The level of Capital 
expenditure, net, in relation to sales was relatively stable at 
5.7% versus 5.8% a year earlier. The level is currently above 
what we expect for the longer term, due to investments in 
capacity, mainly in Asia, and in footprint optimization, mainly 
in Europe and the Americas. 
Free cash flow* was positive $32 million compared to 
positive $50 million in the same period the prior year. The 
decrease was due to the lower operating cash flow partly 
offset by the lower capital expenditure, net.  
Cash conversion* defined as free cash flow* in relation to 
net income, was 23% in the quarter.

===== SIDA 12 =====

Kvartalsrapport juli - september 2024 
 
11 
Trade working capital* increased by $4 million compared to 
the same period last year, where the main drivers were $13 
million in higher accounts receivables, $24 million in higher 
accounts payable and $15 million in higher inventories. In 
relation to sales, trade working capital increased from 12.5% 
to 12.8%.  
Cash and cash equivalents as of September 30, 2024 was 
around $0.4 billion, while committed, unused loan facilities, 
was around $1.2 billion. 
Net debt* was $1,787 million as of September 30, 2024, 
which was $412 million higher than a year earlier. 
 Total equity as of September 30, 2024, decreased by $188 
million compared to September 30, 2023. This was mainly 
due to $221 million in dividend payments and stock 
repurchases including taxes of $608 million, partly offset by 
$632 million from net income. 
Leverage ratio*: On September 30, 2024, the Company had 
a leverage ratio of 1.4x compared to 1.3x on September 30, 
2023, as the 12 months trailing adjusted EBITDA* increased 
by around $187 million while the net debt* per the policy 
increased by around $407 million. 
 
First nine months 2024 development 
Operating cash flow increased by $104 million compared to 
the same period last year, to $639 million, mainly due to 
higher net income, partly offset by more negative effects 
from increased operating working capital. 
Capital expenditure, net increased by $12 million. Capital 
expenditure, net in relation to sales was relatively stable at 
5.5% versus 5.4% the prior year period. The level is 
currently slightly above what we expect for the longer term, 
due to investments in capacity, mainly in Asia, and in 
footprint optimization, mainly in Europe and the Americas.  
  
Free cash flow* was positive $208 million, compared to 
positive $117 million in the same period last year. The 
improvement was due to the higher operating cash flow 
partly offset by higher capital expenditure, net. 
Cash conversion* defined as free cash flow* in relation to 
net income, was 52% in the period. 
Headcount 
 
 Sep 30 Jun 30 Sep 30 
 2024 2024 2023 
Headcount 67,200 68,700 71,200 
Whereof:  Direct headcount in manufacturing 49,800 51,100 52,900 
                 Indirect headcount 17,400 17,500 18,200 
Temporary personnel 9% 9% 11% 
 
As of September 30, 2024, total headcount (Full Time 
Equivalent) decreased by around 4,000, or by 5.6%, 
compared to a year earlier, despite almost unchanged sales. 
The indirect workforce decreased by around 800, or by 
4.4%, mainly reflecting our structural reduction initiatives. 
The direct workforce decreased by approximately 3,100, or 
by 5.9%, partly due to that an improvement in customer call-
off accuracy in the third quarter has enabled us to accelerate 
operating efficiency improvements. 
 Compared to June 30, 2024, total headcount (FTE) 
decreased by around 1,500, or by 2.2%. Indirect headcount 
decreased by around 100, or by 0.6%, while direct 
headcount decreased by approximately 1,300, or by 2.5%.

===== SIDA 13 =====

Kvartalsrapport juli - september 2024 
 
12 
Other Items 
 
• On September 13, 2024, the Autoliv Board of Directors 
appointed Ms. Adriana Karaboutis as an independent 
director to the Autoliv Board of Directors effective 
immediately. With the addition of Ms. Karaboutis, Autoliv 
has expanded its Board size from eleven to twelve 
directors. Ms. Karaboutis most recently served as Group 
Chief Information and Digital Officer of National Grid 
PLC, one of the world's largest public utility companies. 
She previously served as EVP Technology, Business 
Solutions and Corporate Affairs at Biogen Inc., as well 
as VP and Global CIO of Dell, Inc. Ms. Karaboutis also 
has more than 20 years at General Motors and Ford in 
various international leadership positions. Ms. 
Karaboutis is appointed for a term expiring at the 2025 
Annual General Meeting of Stockholders at which time 
the Board is expected to contract to eleven members 
with the retirement of Mr. Hasse Johansson. 
 • On September 17, 2024, Autoliv announced the 
appointment of Mr. Fabien Dumont as Executive Vice 
President & Chief Technology Officer and a member of 
the Autoliv Executive Management Team. Fabien 
Dumont previously served as Vice President 
Engineering in Autoliv China and has been with Autoliv 
since 1998. In leading the Autoliv China Engineering 
team, Fabien Dumont has played a vital role in 
developing innovations and technologies that support 
the fast-moving Chinese market.  
• In Q3 2024, Autoliv repurchased and retired 1.33 million 
shares of common stock at an average price of $97.80 
per share under the Autoliv 2022-2024 stock repurchase 
program. 
 
 
Next Report 
Autoliv intends to publish the quarterly earnings report 
for the fourth quarter of 2024 on Friday, January 31, 
2025. 
 Footnotes 
*Non-U.S. GAAP measure, see enclosed reconciliation 
tables. 
Inquiries: Investors and Analysts 
Anders Trapp 
Vice President Investor Relations 
Tel +46 (0)8 5872 0671 
Henrik Kaar 
Director Investor Relations 
Tel +46 (0)8 5872 0614 
 
Inquiries: Media 
Gabriella Etemad 
Senior Vice President Communications 
Tel +46 (0)70 612 6424 
Denna information är sådan information som Autoliv, Inc. 
är skyldigt att offentliggöra enligt EUs 
marknadsmissbruksförordning. Informationen lämnades, 
genom ovanstående kontaktpersons försorg, för 
offentliggörande den 18 oktober 2024 kl 12.00 CET. 
Definitions and SEC Filings 
Please refer to www.autoliv.com or to our Annual Report for 
definitions of terms used in this report. Autoliv’s annual 
report to stockholders, annual report on Form 10-K, 
quarterly reports on Form 10Q, proxy statements, 
management certifications, press releases, current reports 
on Form 8-K and other documents filed with the SEC can 
be obtained free of charge from Autoliv at the Company’s 
address. These documents are also available at the SEC’s 
website www.sec.gov and at Autoliv’s corporate website 
www.autoliv.com. 
This report includes content supplied by S&P Global; 
Copyright © Light Vehicle Production Forecast, January, 
July and October 2024. All rights reserved. S&P Global is a 
global supplier of independent industry information. The 
permission to use S&P Global copyrighted reports, data 
and information does not constitute an endorsement or 
approval by S&P Global of the manner, format, context, 
content, conclusion, opinion or viewpoint in which S&P 
Global reports, data and information or its derivations are 
used or referenced herein.

===== SIDA 14 =====

Kvartalsrapport juli - september 2024 
 
13 
“Safe Harbor Statement” 
 
This report contains statements that are not historical facts but 
rather forward-looking statements within the meaning of the 
Private Securities Litigation Reform Act of 1995. Such forward-
looking statements include those that address activities, events or 
developments that Autoliv, Inc. or its management believes or 
anticipates may occur in the future. All forward-looking statements 
are based upon our current expectations, various assumptions 
and/or data available from third parties. Our expectations and 
assumptions are expressed in good faith and we believe there is a 
reasonable basis for them. However, there can be no assurance 
that such forward-looking statements will materialize or prove to be 
correct as forward-looking statements are inherently subject to 
known and unknown risks, uncertainties and other factors which 
may cause actual future results, performance or achievements to 
differ materially from the future results, performance or 
achievements expressed in or implied by such forward-looking 
statements. In some cases, you can identify these statements by 
forward-looking words such as “estimates”, “expects”, 
“anticipates”, “projects”, “plans”, “intends”, “believes”, “may”, 
“likely”, “might”, “would”, “should”, “could”, or the negative of these 
terms and other comparable terminology, although not all forward-
looking statements contain such words. Because these forward-
looking statements involve risks and uncertainties, the outcome 
could differ materially from those set out in the forward-looking 
statements for a variety of reasons, including without limitation, 
general economic conditions, including inflation; changes in light 
vehicle production; fluctuation in vehicle production schedules for 
which the Company is a supplier; global supply chain disruptions, 
including port, transportation and distribution delays or 
interruptions; supply chain disruptions and component shortages 
specific to the automotive industry or the Company; disruptions 
and impacts relating to the ongoing war between Russia and 
Ukraine and the hostilities in the Middle East; changes in general 
industry and market conditions or regional growth or decline; 
changes in and the successful execution of our capacity alignment, 
restructuring, cost reduction and efficiency initiatives and the 
market reaction thereto; loss of business from increased 
competition; higher raw material, fuel and energy costs; changes in 
consumer and customer preferences for end products;   
 customer losses; changes in regulatory conditions; customer 
bankruptcies, consolidations, or restructuring or divestiture of 
customer brands; unfavorable fluctuations in currencies or 
interest rates among the various jurisdictions in which we 
operate; market acceptance of our new products; costs or 
difficulties related to the integration of any new or acquired 
businesses and technologies; continued uncertainty in pricing 
and other negotiations with customers; successful integration 
of acquisitions and operations of joint ventures; successful 
implementation of strategic partnerships and collaborations; 
our ability to be awarded new business; product liability, 
warranty and recall claims and investigations and other 
litigation, civil judgments or financial penalties and customer 
reactions thereto; higher expenses for our pension and other 
postretirement benefits, including higher funding needs for our 
pension plans; work stoppages or other labor issues; possible 
adverse results of pending or future litigation or infringement 
claims and the availability of insurance with respect to such 
matters; our ability to protect our intellectual property rights; 
negative impacts of antitrust investigations or other 
governmental investigations and associated litigation relating 
to the conduct of our business; tax assessments by 
governmental authorities and changes in our effective tax rate; 
dependence on key personnel; legislative or regulatory 
changes impacting or limiting our business; our ability to meet 
our sustainability targets, goals and commitments; political 
conditions; dependence on and relationships with customers 
and suppliers; the conditions necessary to hit our medium term 
financial targets; and other risks and uncertainties identified 
under the headings “Risk Factors” and “Management’s 
Discussion and Analysis of Financial Condition and Results of 
Operations” in our Annual Reports and Quarterly Reports on 
Forms 10-K and 10-Q and any amendments thereto. For any 
forward-looking statements contained in this or any other 
document, we claim the protection of the safe harbor for 
forward-looking statements contained in the Private Securities 
Litigation Reform Act of 1995, and we assume no obligation to 
update publicly or revise any forward-looking statements in 
light of new information or future events, except as required by 
law.

===== SIDA 15 =====

Kvartalsrapport juli - september 2024 
 
14 
Consolidated Statements of Income 
 Third quarter  First 9 months Latest 12 Full Year 
(Dollars in millions, except per share data, 
unaudited) 2024 2023  2024 2023 months 2023 
Airbags, Steering Wheels and Other1) $1,736 $1,761  $5,264 $5,191 $7,128 $7,055 
Seatbelt products and Other1) 819 835  2,511 2,533 3,398 3,420 
Total net sales 2,555 2,596  7,774 7,724 10,526 10,475 
        
Cost of sales (2,095) (2,131)  (6,398) (6,432) (8,619) (8,654) 
Gross profit 459 465  1,377 1,291 1,907 1,822 
        
Selling, general & administrative expenses (129) (119)  (399) (380) (519) (500) 
Research, development & engineering expenses, net (96) (107)  (325) (343) (406) (425) 
Other income (expense), net (9) (8)  (27) (115) (119) (207) 
Operating income 226 232  626 453 863 690 
        
Income from equity method investments 2 1  5 4 6 5 
Interest income 3 3  10 10 13 13 
Interest expense (27) (24)  (81) (68) (105) (93) 
Other non-operating items, net (7) (11)  (7) (6) (4) (3) 
Income before income taxes 197 201  554 393 773 612 
        
Income taxes (58) (67)  (149) (131) (141) (123) 
Net income 139 134  404 262 632 489 
        
Less: Net income attributable to non-controlling 
interest 0 1  1 1 2 1 
Net income attributable to controlling interest $138 $134  $403 $261 $630 $488 
        
Earnings per share - diluted $1.74 $1.57  $4.98 $3.04 $7.70 $5.72 
1) Including Corporate sales.

===== SIDA 16 =====

Kvartalsrapport juli - september 2024 
 
15 
Consolidated Balance Sheets 
  Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 
(Dollars in millions, unaudited)  2024 2024 2024 2023 2023 
Assets       
Cash & cash equivalents  $415 $408 $569 $498 $475 
Receivables, net  2,192 2,090 2,194 2,198 2,179 
Inventories, net  997 936 997 1,012 982 
Prepaid expenses  172 193 180 173 180 
Other current assets  90 76 71 93 63 
Total current assets  3,865 3,703 4,011 3,974 3,879 
       
Property, plant & equipment, net  2,317 2,197 2,192 2,192 2,067 
Operating leases right-of-use assets  173 167 177 176 162 
Goodwill and intangible assets, net  1,386 1,379 1,381 1,385 1,378 
Investments and other non-current assets  565 564 564 606 500 
Total assets  8,306 8,010 8,324 8,332 7,987 
       
Liabilities and equity       
Short-term debt  624 455 310 538 590 
Accounts payable  1,881 1,858 1,855 1,978 1,858 
Accrued expenses  1,189 1,120 1,129 1,135 1,093 
Operating lease liabilities - current  44 41 41 39 37 
Other current liabilities  297 312 323 345 274 
Total current liabilities  4,034 3,785 3,658 4,035 3,851 
       
Long-term debt  1,586 1,540 1,830 1,324 1,277 
Pension liability  147 140 149 159 152 
Operating lease liabilities - non-current  130 127 134 135 125 
Other non-current liabilities  110 106 111 109 96 
Total non-current liabilities  1,974 1,913 2,224 1,728 1,649 
       
Total parent shareholders’ equity  2,288 2,298 2,428 2,557 2,473 
Non-controlling interest  10 13 13 13 13 
Total equity  2,298 2,311 2,442 2,570 2,486 
       
Total liabilities and equity  $8,306 $8,010 $8,324 $8,332 $7,987 
 
Consolidated Statements of Cash Flow 
 Third quarter First 9 months Latest 12 Full Year 
(Dollars in millions, unaudited) 2024 2023 2024 2023 months 2023 
Net income $139 $134 $404 $262 $632 $489 
Depreciation and amortization 97 95 289 281 385 378 
Other, net 10 9 1 1 (119) (119) 
Changes in operating working capital, net (68) (36) (54) (8) 189 235 
Net cash provided by operating activities 177 202 639 535 1,086 982 
       
Expenditures for property, plant and equipment (146) (152) (440) (420) (593) (572) 
Proceeds from sale of property, plant and equipment 1 0 9 1 12 4 
Net cash used in investing activities (145) (151) (431) (419) (581) (569) 
       
Free cash flow1) 32 50 208 117 505 414 
       
Increase in short term debt 152 110 85 115 32 61 
Decrease in long-term debt - - (306) (533) (306) (533) 
Increase in long-term debt 46 1 581 557 583 559 
Dividends paid (54) (56) (164) (169) (221) (225) 
Share repurchases (130) (120) (450) (202) (600) (352) 
Common stock options exercised - 0 0 1 1 1 
Dividend paid to non-controlling interests (4) - (5) (1) (5) (1) 
Net cash used in financing activities 11 (64) (259) (232) (516) (490) 
       
Effect of exchange rate changes on cash (36) 14 (33) (3) (50) (20) 
Increase (decrease) in cash and cash equivalents 6 (0) (84) (119) (61) (96) 
Cash and cash equivalents at period-start 408 475 498 594 475 594 
Cash and cash equivalents at period-end $415 $475 $415 $475 $415 $498 
1) Non-U.S. GAAP measure comprised of "Net cash provided by operating activities" and "Net cash used in investing activities". See reconciliation table.

===== SIDA 17 =====

Kvartalsrapport juli - september 2024 
 
16 
RECONCILIATION OF U.S. GAAP TO NON-U.S. GAAP MEASURES 
In this report we sometimes refer to non-U.S. GAAP measures that we and securities analysts use in measuring Autoliv's 
performance. We believe that these measures assist investors and management in analyzing trends in the Company's 
business for the reasons given below. Investors should not consider these non -U.S. GAAP measures as substitutes, but 
rather as additions, to financial reporting measures prepared in accordance with U.S. GAAP. It should be noted that these 
measures, as defined, may not be comparable to similarly titled measures used by other companies.  
Components in Sales Increase/Decrease 
Since the Company historically generates approximately 75% of sales in currencies other than in the reporting currency (i.e., 
U.S. dollars) and currency rates have been volatile, we analyze the Company's sales trends and performance as changes in 
organic sales growth. This presents the increase or decrease in the overall U.S. dollar net sales on a comparable basis, 
allowing separate discussions of the impact of acquisitions/divestitures and exchange rates. The tables on pages 5 and 6 
present changes in organic sales growth as reconciled to the change in the total U.S. GAAP net sales. 
Trade Working Capital 
Due to the need to optimize cash generation to create value for shareholders, management focuses on operationally derived 
trade working capital as defined in the table below. The reconciling items used to derive this measure are, by contrast, 
managed as part of our overall management of cash and debt, but they are not part of the responsibilities of day -to-day 
operations management.  
 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 
(Dollars in millions) 2024 2024 2024 2023 2023 
Total current assets $3,865 $3,703 $4,011 $3,974 $3,879 
Total current liabilities (4,034) (3,785) (3,658) (4,035) (3,851) 
Working capital (U.S. GAAP) (169) (83) 353 (61) 28 
Less: Cash and cash equivalents (415) (408) (569) (498) (475) 
          Prepaid expenses (172) (193) (180) (173) (180) 
          Other current assets (90) (76) (71) (93) (63) 
Less: Short-term debt 624 455 310 538 590 
          Accrued expenses 1,189 1,120 1,129 1,135 1,093 
          Operating lease liabilities - current 44 41 41 39 37 
          Other current liabilities 297 312 323 345 274 
Trade working capital (non-U.S. GAAP) $1,307 $1,169 $1,336 $1,232 $1,303 
      
 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 
(Dollars in millions) 2024 2024 2024 2023 2023 
Receivables, net $2,192 $2,090 $2,194 $2,198 $2,179 
Inventories, net 997 936 997 1,012 982 
Accounts payable (1,881) (1,858) (1,855) (1,978) (1,858) 
Trade working capital (non-U.S. GAAP) $1,307 $1,169 $1,336 $1,232 $1,303

===== SIDA 18 =====

Kvartalsrapport juli - september 2024 
 
17 
Net Debt 
Autoliv from time to time enters into “debt-related derivatives” (DRDs) as a part of its debt management and as part of 
efficiently managing the Company’s overall cost of funds. Creditors and credit rating agencies use net debt adjusted for 
DRDs in their analyses of the Company’s debt, therefore we provide this non -U.S. GAAP measure. DRDs are fair value 
adjustments to the carrying value of the underlying debt. Also included in the DRDs is the unamortized fair value adjus tment 
related to a discontinued fair value hedge that will be amortized over the remaining life of the debt. By adjusting for DRDs,  
the total financial liability of net debt is disclosed without grossing debt up with currency or interest fair values.  
 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 
(Dollars in millions) 2024 2024 2024 2023 2023 
Short-term debt $624 $455 $310 $538 $590 
Long-term debt 1,586 1,540 1,830 1,324 1,277 
Total debt 2,210 1,996 2,140 1,862 1,867 
Cash & cash equivalents (415) (408) (569) (498) (475) 
Debt issuance cost/Debt-related derivatives, net (9) (8) (9) 3 (17) 
Net debt $1,787 $1,579 $1,562 $1,367 $1,375 
 
  Dec 31 Dec 31 Dec 31 Dec 31 
(Dollars in millions)  2022 2021 2020 2019 
Short-term debt  $711 $346 $302 $368 
Long-term debt  1,054 1,662 2,110 1,726 
Total debt  1,766 2,008 2,411 2,094 
Cash & cash equivalents  (594) (969) (1,178) (445) 
Debt issuance cost/Debt-related derivatives, net  12 13 (19) 0 
Net debt  $1,184 $1,052 $1,214 $1,650 
 
 
Leverage ratio 
The non-U.S. GAAP measure “net debt” is also used in the non-U.S. GAAP measure “Leverage ratio”. Management uses 
this measure to analyze the amount of debt the Company can incur under its debt policy. Management believes that this 
policy also provides guidance to credit and equity investors regarding the extent to which the Company would be prepared to 
leverage its operations. Autoliv’s policy is to maintain a leverage ratio commensurate with a strong investment grade credit 
rating. The Company measures its leverage ratio as net debt* adjusted for pension liabilities in relation to adjusted EBITDA*. 
The long-term target is to maintain a leverage ratio of around 1.0x within a range of 0.5x to 1.5x.  
 
 Sep 30 Jun 30 Sep 30 
(Dollars in millions) 2024 2024 2023 
Net debt1) $1,787 $1,579 $1,375 
Pension liabilities 147 140 152 
Debt per the Policy $1,934 $1,720 $1,527 
    
Net income2) $632 $627 $418 
Income taxes2) 141 150 188 
Interest expense, net2, 3) 93 89 75 
Other non-operating items, net2) 4 8 5 
Income from equity method investments2) (6) (6) (4) 
Depreciation and amortization of intangibles2) 385 384 371 
Adjustments2), 4) 128 128 136 
EBITDA per the Policy (Adjusted EBITDA) $1,376 $1,380 $1,189 
    
Leverage ratio 1.4 1.2 1.3 
1) Short- and long-term debt less cash and cash equivalents and debt-related derivatives. 2) Latest 12 months. 3) Interest expense including cost for extinguishment of debt, if 
any, less interest income. 4) Capacity alignments, antitrust related matters and for FY2023 t he Andrews litigation settlement. See Items Affecting Comparability below.

===== SIDA 19 =====

Kvartalsrapport juli - september 2024 
 
18 
Free Cash Flow and Cash Conversion 
Management uses the non-U.S. GAAP measure “free cash flow” to analyze the amount of cash flow being generated by the 
Company’s operations after capital expenditure, net. This measure indicates the Company’s cash flow generation level that 
enables strategic value creation options such as dividends or acquisitions. For details on free cash flow, see the 
reconciliation table below. Management uses the non-U.S. GAAP measure “cash conversion” to analyze the proportion of 
net income that is converted into free cash flow. The measure is a tool to evaluate how efficiently the Company utilizes its 
resources. For details on cash conversion, see the reconciliation table below. 
 Third quarter  First 9 months Latest 12 Full Year 
(Dollars in millions) 2024 2023  2024 2023 months 2023 
Net income $139 $134  $404 $262 $632 $489 
Changes in operating working capital (68) (36)  (54) (8) 189 235 
Depreciation and amortization 97 95  289 281 385 378 
Other, net 10 9  1 1 (119) (119) 
Operating cash flow 177 202  $639 $535 1,086 982 
Capital expenditure, net (145) (151)  (431) (419) (581) (569) 
Free cash flow1) $32 $50  $208 $117 $505 $414 
Cash conversion2) 23% 37%  52% 45% 80% 85% 
1) Operating cash flow less Capital expenditure, net. 2) Free cash flow relative to Net income.  
 
 Full year Full year Full year Full year 
(Dollars in millions) 2022 2021 2020 2019 
Net income $425 $437 $188 $463 
Changes in operating assets and liabilities 58 (63) 277 47 
Depreciation and amortization 363 394 371 351 
Gain on divestiture of property (80) - - - 
Other, net1) (54) (15) 13 (220) 
Operating cash flow 713 754 849 641 
EC antitrust payment - - - (203) 
Operating cash flow excl antitrust 713 754 849 844 
Capital expenditure, net (485) (454) (340) (476) 
Free cash flow2) $228 $300 $509 $165 
Free cash flow excl antitrust payment3) $228 $300 $509 $368 
Cash conversion4) 54% 69% 270% 36% 
Cash conversion excl antitrust5) 54% 69% 270% 79% 
1) Including EC antitrust payment 2019. 2) Operating cash flow less capital expenditure, net. 3) For 2019, operating cash flo w excluding EC antitrust payment less capital 
expenditures, net. 4) Free cash flow relative to net income. 5) For 2019, free cash flow excluding EC antitrust payment relative to net income.

===== SIDA 20 =====

Kvartalsrapport juli - september 2024 
 
19 
Items Affecting Comparability 
We believe that comparability between periods is improved through the exclusion of certain items. To assist investors in 
understanding the operating performance of Autoliv's business, it is useful to consider certain U.S. GAAP measures 
exclusive of these items.  
 
The following table reconciles Income before income taxes, Net income attributable to controlling interest, Capital employed,  
which are inputs utilized to calculate Return On Capital Employed (“ROCE”), adjusted ROCE and Return On Total Equity 
(“ROE”). The Company believes this presentation may be useful to investors and industry analysts who utilize these adjusted 
non-U.S. GAAP measures in their ROCE and ROE calculations to exclude certain items for comparison purposes across 
periods. Autoliv’s management uses the ROCE, adjusted ROCE and ROE measures for purposes of comparing its financial 
performance with the financial performance of other companies in the industry and providing useful information regarding the 
factors and trends affecting the Company’s business. 
 
As used by the Company, ROCE is annualized operating income and income from equity method investments, relative to 
average capital employed. Adjusted ROCE is annualized operating income and income from equity method investments, 
relative to average capital employed as adjusted to exclude certain non-recurring items. The Company believes ROCE and 
adjusted ROCE are useful indicators of long-term performance both absolute and relative to the Company's peers as it 
allows for a comparison of the profitability of the Company’s capital employed in its business relative to that of its peers.  
 
ROE is the ratio of annualized income (loss) relative to average total equity for the periods presented. The Company’s 
management believes that ROE is a useful indicator of how well management creates value for its shareholders through its 
operating activities and its capital management. 
 
With respect to the Andrews litigation settlement, the Company has treated this specific settlement as a non -recurring charge 
because of the unique nature of the lawsuit, including the facts and legal issues involved.  
 
Accordingly, the tables below reconcile from U.S. GAAP to the equivalent non -U.S. GAAP measure. 
 
 Third quarter  2024  Third quarter  2023 
(Dollars in millions, except per share data) Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP  Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP 
Operating income $226 11 $237  $232 11 $243 
Operating margin 8.9% 0.4% 9.3%  8.9% 0.4% 9.4% 
Income before taxes 197 11 208  201 11 212 
Net income attributable to controlling interest 138 8 146  134 8 141 
Return on capital employed2) 22.9% 1.0% 23.9%  24.2% 0.4% 24.5% 
Return on total equity3) 24.1% 1.1% 25.2%  21.3% 0.2% 21.5% 
Earnings per share - diluted $1.74 0.10 $1.84  $1.57 0.09 $1.66 
1) Effects from capacity alignments, antitrust related matters and for FY 2023 the Andrews litigation settlement. 2) Annualiz ed operating income and income from equity method 
investments, relative to average capital employed. 3) Annualized income relative to average total equity.  
        
 First 9 months 2024  First 9 months 2023 
 Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP  Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP 
Operating income $626 31 $657  $453 133 $586 
Operating margin 8.1% 0.4% 8.5%  5.9% 1.7% 7.6% 
Income before taxes 554 31 585  393 133 526 
Net income attributable to controlling interest 403 26 429  261 123 384 
Capital employed 4,085 26 4,111  3,861 123 3,985 
Return on capital employed2) 21.2% 1.0% 22.1%  15.6% 4.2% 19.8% 
Return on total equity3) 22.4% 1.3% 23.7%  13.5% 5.9% 19.5% 
Earnings per share - diluted $4.98 0.32 $5.30  $3.04 1.44 $4.48 
1) Effects from capacity alignments, antitrust related matters and for FY 2023 the Andrews litigation settlement. 2) Annualized operating income and income from equity method 
investments, relative to average capital employed. 3) Annualized income relative to average total equity.

===== SIDA 21 =====

Kvartalsrapport juli - september 2024 
 
20 
 Latest 12 months  Full year 2023 
 Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP  Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP 
Operating income $863 128 $991  $690 230 $920 
Operating margin 8.2% 1.2% 9.4%  6.6% 2.2% 8.8% 
1) Costs for capacity alignments, antitrust related matters and for FY 2023 the Andrews litigation settlement.  
        
 Full year 2022  Full year 2021 
 Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP  Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP 
Operating income $659 (61) $598  $675 8 $683 
Operating margin 7.5% (0.7)% 6.8%  8.2% 0.1% 8.3% 
1) Costs for capacity alignment and antitrust related matters.  
        
 Full year 2020  Full year 2019 
(Dollars in millions, except per share data) Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP  Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP 
Operating income $382 99 $482  $726 49 $774 
Operating margin, % 5.1% 1.4% 6.5%  8.5% 0.6% 9.1% 
1) Costs for capacity alignments and antitrust related matters . 
 
Items included in non-U.S. GAAP adjustments Third quarter  2024  Third quarter  2023 
 
Adjustment 
Million 
Adjustment 
Per share  
Adjustment 
Million 
Adjustment 
Per share 
Capacity alignments $9 $0.12  $10 $0.12 
The Andrews litigation settlement - -  (0) (0.00) 
Antitrust related matters 2 0.02  1 0.01 
Total adjustments to operating income 11 0.14  11 0.13 
Tax on non-U.S. GAAP adjustments1) (3) (0.04)  (3) (0.04) 
Total adjustments to net income $8 $0.10  $8 $0.09 
      
Average number of shares outstanding - diluted  79.3   85.0 
      
Annualized adjustment on return on capital employed $44   $44  
Adjustment on return on capital employed 1.0%   0.4%  
      
Annualized adjustment on return on total equity $32   $31  
Adjustment on return on total equity 1.1%   0.2%  
1) The tax is calculated based on the tax laws in the respective jurisdiction(s) of the adjustment(s).  
      
Items included in non-GAAP adjustments First 9 months 2024  First 9 months 2023 
 
Adjustment 
Million 
Adjustment 
Per share  
Adjustment 
Million 
Adjustment 
Per share 
Capacity alignments $25 $0.31  $122 $1.42 
The Andrews litigation settlement - -  8 0.09 
Antitrust related matters 6 0.07  3 0.04 
Total adjustments to operating income 31 0.39  133 1.55 
Tax on non-U.S. GAAP adjustments1) (5) (0.06)  (10) (0.11) 
Total adjustments to net income $26 $0.32  $123 $1.44 
      
Average number of shares outstanding - diluted  80.9   85.7 
      
Annualized adjustment on return on capital employed $42   $177  
Adjustment on return on capital employed 1.0%   4.2%  
      
Annualized adjustment on return on total equity $35   $164  
Adjustment on return on total equity 1.3%   5.9%  
1) The tax is calculated based on the tax laws in the respective jurisdiction(s) of the adjustment(s).

===== SIDA 22 =====

Kvartalsrapport juli - september 2024 
 
21 
(Dollars in millions, except per share data, unaudited) 2023 2022 2021 2020 2019 
Sales and Income      
Net sales $10,475 $8,842 $8,230 $7,447 $8,548 
Airbag sales1) 7,055 5,807 5,380 4,824 5,676 
Seatbelt sales 3,420 3,035 2,850 2,623 2,871 
Operating income 690 659 675 382 726 
Net income attributable to controlling interest 488 423 435 187 462 
Earnings per share – basic2) 5.74 4.86 4.97 2.14 5.29 
Earnings per share – diluted2) 5.72 4.85 4.96 2.14 5.29 
Gross margin3) 17.4% 15.8% 18.4% 16.7% 18.5% 
S,G&A in relation to sales (4.8)% (4.9)% (5.3)% (5.2)% (4.7)% 
R,D&E net in relation to sales (4.1)% (4.4)% (4.7)% (5.0)% (4.7)% 
Operating margin4) 6.6% 7.5% 8.2% 5.1% 8.5% 
Adjusted operating margin5,6) 8.8% 6.8% 8.3% 6.5% 9.1% 
Balance Sheet 
Trade working capital7) 1,232 1,183 1,332 1,366 1,417 
Trade working capital in relation to sales8) 11.2% 12.7% 15.7% 13.6% 16.2% 
Receivables outstanding in relation to sales9) 20.0% 20.4% 20.0% 18.1% 18.6% 
Inventory outstanding in relation to sales10) 9.2% 10.4% 9.2% 7.9% 8.5% 
Payables outstanding in relation to sales11) 18.0% 18.1% 13.5% 12.5% 10.8% 
Total equity 2,570 2,626 2,648 2,423 2,122 
Total parent shareholders’ equity per share 30.93 30.30 30.10 27.56 24.19 
Current assets excluding cash 3,475 3,119 2,705 3,091 2,557 
Property, plant and equipment, net 2,192 1,960 1,855 1,869 1,816 
Intangible assets (primarily goodwill) 1,385 1,382 1,395 1,412 1,410 
Capital employed 3,937 3,810 3,700 3,637 3,772 
Net debt6) 1,367 1,184 1,052 1,214 1,650 
Total assets 8,332 7,717 7,537 8,157 6,771 
Long-term debt 1,324 1,054 1,662 2,110 1,726 
Return on capital employed12) 17.7% 17.5% 18.3% 10.0% 20.0% 
Return on total equity13) 19.0% 16.3% 17.1% 9.0% 23.0% 
Total equity ratio 31% 34% 35% 30% 31% 
Cash flow and other data 
Operating Cash flow 982 713 754 849 641 
Depreciation and amortization 378 363 394 371 351 
Capital expenditures, net 569 485 454 340 476 
Capital expenditures, net in relation to sales 5.4% 5.5% 5.5% 4.6% 5.6% 
Free Cash flow6,14) 414 228 300 509 165 
Cash conversion6,15) 85% 54% 69% 270% 36% 
Direct shareholder return16) 577 339 165 54 217 
Cash dividends paid per share 2.66 2.58 1.88 0.62 2.48 
Number of shares outstanding (millions)17) 82.6 86.2 87.5 87.4 87.2 
Number of employees, December 31 62,900 61,700 55,900 61,000 58,900 
1) Including steering wheels, inflators and initiators. 2) Net of treasury shares. 3) Gross profit relative to sales. 4) Oper ating income relative to sales. 5) Excluding effects from 
capacity alignments, antitrust related matters and for FY 2023 the Andrews litigation settlement. 6) Non -US GAAP measure, for reconciliation see tables above. 7) Outstanding 
receivables and outstanding inventory less outstanding payables. 8) Outstanding receivables and outstanding inventory less outstanding payables relative to annuali zed fourth 
quarter sales. 9) Outstanding receivables relative to annualized fourth quarter sales. 10) Outstanding inventory relati ve to annualized fourth quarter sales. 11) Outstanding 
payables relative to annualized fourth quarter sales. 12) Operating income and income from equity method investments, relativ e to average capital employed. 13) Income relative 
to average total equity. 14) Operating cash flow less Capital expenditures, net. 15) Free cash flow relative to Net income. 16) Dividends paid and Sha res repurchased. 17) At year 
end, excluding dilution and net of treasury shares.